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  "documentTitle": "Forward Air Corporation (FWRD)",
  "authorId": "21_Ancora",
  "authorName": "Frederick DiSanto",
  "documentKindSlug": "shareholder-letter",
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  "sourceTypeLabel": "Activist investor",
  "presentationDate": "2021-02-16 00:00:00",
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  "notes": "The slide uses historical data to contrast past performance with current performance, implying a decline in the latter.",
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      "text": "From 2001 to 2006 OR improved ~750 bps",
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      "text": "The Company’s OR improved ~750 bps from 86.1% in 2001 to ~78.6% in 2006, while ROIC increased from ~26% in 2001 to ~43% in 2006.",
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      "text": "Operating Ratio: ~750 bps",
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      "text": "Over the 2001-2006 time period, Forward Air achieved substantial improvements in relevant financial metrics as management focused on providing exceptional service, containing costs, maintaining premium pricing...",
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      "text": "Source: Company Filings, Ancora Estimates. $ in millions.",
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